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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 001-16383
lng-20220630_g1.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4352386
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $ 0.003 par valueLNGNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of July 29, 2022, the issuer had 249,782,732 shares of Common Stock outstanding.



CHENIERE ENERGY, INC.
TABLE OF CONTENTS

 
 
 
i

Table of Contents
DEFINITIONS

As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
ASUAccounting Standards Update
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FIDfinal investment decision
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
IPM agreementsintegrated production marketing agreements in which the gas producer sells to us gas on a global LNG index price, less a fixed liquefaction fee, shipping and other costs
LIBORLondon Interbank Offered Rate
LNGliquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtumillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
mtpamillion tonnes per annum
non-FTA countriescountries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPALNG sale and purchase agreement
TBtu
trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement

1

Table of Contents
Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of June 30, 2022, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
lng-20220630_g2.jpg

Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP.

In June 2022, as part of the internal restructuring of Cheniere’s subsidiaries, Cheniere contributed its equity interest in Corpus Christi Liquefaction Stage III, LLC (“CCL Stage III”), formerly a wholly owned direct subsidiary of Cheniere, to CCH, and CCL Stage III was subsequently merged with and into CCL, the surviving entity of the merger and a wholly owned subsidiary of CCH.

2

Table of Contents
PART I.    FINANCIAL INFORMATION 


ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues
LNG revenues$7,873 $2,913 $15,213 $5,912 
Regasification revenues68 67 136 134 
Other revenues66 37 142 61 
Total revenues8,007 3,017 15,491 6,107 
Operating costs and expenses
Cost of sales (excluding items shown separately below)5,752 2,154 13,088 3,540 
Operating and maintenance expense419 385 808 707 
Development expense3 2 8 3 
Selling, general and administrative expense77 73 173 154 
Depreciation and amortization expense276 258 547 494 
Impairment expense and loss (gain) on disposal of assets3 (1)3 (1)
Total operating costs and expenses6,530 2,871 14,627 4,897 
Income from operations1,477 146 864 1,210 
Other income (expense)
Interest expense, net of capitalized interest(357)(368)(706)(724)
Loss on modification or extinguishment of debt(28)(4)(46)(59)
Derivative gain (loss), net(1)(2)2 (1)
Other income, net3 4 8 10 
Total other expense(383)(370)(742)(774)
Income before income taxes and non-controlling interest1,094 (224)122 436 
Less: income tax provision (benefit)181 (93)(10)(4)
Net income913 (131)132 440 
Less: net income attributable to non-controlling interest172 198 256 376 
Net income (loss) attributable to common stockholders$741 $(329)$(124)$64 
Net income (loss) per share attributable to common stockholders—basic
$2.92 $(1.30)$(0.49)$0.25 
Net income (loss) per share attributable to common stockholders—diluted
$2.90 $(1.30)$(0.49)$0.25 
Weighted average number of common shares outstanding—basic253.6 253.5 253.8 253.2 
Weighted average number of common shares outstanding—diluted255.9 253.5 253.8 254.7 

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
June 30,December 31,
20222021
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$2,631 $1,404 
Restricted cash and cash equivalents335 413 
Trade and other receivables, net of current expected credit losses1,883 1,506 
Inventory746 706 
Current derivative assets273 55 
Margin deposits169 765 
Other current assets149 207 
Total current assets6,186 5,056 
Property, plant and equipment, net of accumulated depreciation30,659 30,288 
Operating lease assets2,255 2,102 
Derivative assets144 69 
Goodwill77 77 
Deferred tax assets1,276 1,204 
Other non-current assets, net716 462 
Total assets$41,313 $39,258 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities 
Accounts payable$141 $155 
Accrued liabilities2,599 2,299 
Current debt, net of discount and debt issuance costs2,270 366 
Deferred revenue141 155 
Current operating lease liabilities598 535 
Current derivative liabilities1,793 1,089 
Other current liabilities14 94 
Total current liabilities7,556 4,693 
Long-term debt, net of premium, discount and debt issuance costs26,055 29,449 
Operating lease liabilities1,623 1,541 
Finance lease liabilities56 57 
Derivative liabilities7,133 3,501 
Other non-current liabilities85 50 
Stockholders' deficit 
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued
  
Common stock: $0.003 par value, 480.0 million shares authorized; 276.6 million shares and 275.2 million shares issued at June 30, 2022 and December 31, 2021, respectively
1 1 
Treasury stock: 26.2 million shares and 21.6 million shares at June 30, 2022 and December 31, 2021, respectively, at cost
(1,529)(928)
Additional paid-in-capital4,277 4,377 
Accumulated deficit(6,311)(6,021)
Total Cheniere stockholders' deficit(3,562)(2,571)
Non-controlling interest2,367 2,538 
Total stockholders' deficit(1,195)(33)
Total liabilities and stockholders' deficit$41,313 $39,258 
(1)Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity. As of June 30, 2022, total assets and liabilities of CQP were $19.5 billion and $22.7 billion, respectively, including $1.1 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in millions)
(unaudited)

Three and Six Months Ended June 30, 2022
Total Stockholders’ Deficit
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Deficit
 SharesPar Value AmountSharesAmount
Balance at December 31, 2021253.6 $1 21.6 $(928)$4,377 $(6,021)$2,538 $(33)
Vesting of share-based compensation awards1.3        
Share-based compensation—  —  38   38 
Issued shares withheld from employees related to share-based compensation, at cost(0.3) 0.3 (35)(18)  (53)
Shares repurchased, at cost(0.2) 0.2 (25)   (25)
Adoption of ASU 2020-06, net of tax (see Note 1)
—  —  (153)4  (149)
Net income attributable to non-controlling interest—  —    84 84 
Distributions to non-controlling interest—  —    (171)(171)
Dividends declared ($0.33 per common share)
—  —   (85) (85)
Net loss—  —   (865) (865)
Balance at March 31, 2022254.4 1 22.1 (988)4,244 (6,967)2,451 (1,259)
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  34   34 
Issued shares withheld from employees related to share-based compensation, at cost   (1)(1)  (2)
Shares repurchased, at cost(4.1) 4.1 (540)   (540)
Net income attributable to non-controlling interest—  —    172 172 
Distributions to non-controlling interest—  —    (256)(256)
Dividends declared ($0.33 per common share)
—  —   (85) (85)
Net income—  —   741  741 
Balance at June 30, 2022250.4 $1 26.2 $(1,529)$4,277 $(6,311)$2,367 $(1,195)

Three and Six Months Ended June 30, 2021
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2020252.3 $1 20.8 $(872)$4,273 $(3,593)$2,409 $2,218 
Vesting of share-based compensation awards1.8        
Share-based compensation—  —  33   33 
Issued shares withheld from employees related to share-based compensation, at cost(0.6) 0.6 (42)   (42)
Net income attributable to non-controlling interest—  —    178 178 
Distributions to non-controlling interest—  —    (160)(160)
Net income—  —   393  393 
Balance at March 31, 2021253.5 1 21.4 (914)4,306 (3,200)2,427 2,620 
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  31   31 
Issued shares withheld from employees related to share-based compensation, at cost   (1)   (1)
Net income attributable to non-controlling interest—  —    198 198 
Distributions to non-controlling interest—  —    (162)(162)
Net loss—  —   (329) (329)
Balance at June 30, 2021253.6 $1 21.4 $(915)$4,337 $(3,529)$2,463 $2,357 
The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

Six Months Ended June 30,
20222021
Cash flows from operating activities
Net income$132 $440 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense547 494 
Share-based compensation expense79 63 
Non-cash interest expense5 14 
Amortization of debt issuance costs, premium and discount29 40 
Reduction of right-of-use assets280 172 
Loss on modification or extinguishment of debt46 59 
Losses on derivative instruments, net4,530 748 
Net cash used for settlement of derivative instruments(487)(111)
Income on equity method investments(9)(8)
Deferred taxes(32)(7)
Repayment of paid-in-kind interest related to repurchase of convertible notes(13)(190)
Other10 (1)
Changes in operating assets and liabilities:
Trade and other receivables, net of current expected credit losses(445)33 
Inventory(44)(66)
Margin deposits596 (125)
Other current assets40 (38)
Accounts payable and accrued liabilities278 88 
Deferred revenue9 (33)
Total operating lease liabilities(286)(173)
Other, net(93)(26)
Net cash provided by operating activities5,172 1,373 
Cash flows from investing activities
Property, plant and equipment(1,023)(440)
Proceeds from sale of fixed assets 68 
Investment in equity method investment(10) 
Other (11)
Net cash used in investing activities(1,033)(383)
Cash flows from financing activities
Proceeds from issuances of debt1,015 2,184 
Redemptions and repayments of debt(2,715)(2,603)
Debt issuance and other financing costs(43)(20)
Debt modification or extinguishment costs(30)(41)
Distributions to non-controlling interest(427)(322)
Payments related to tax withholdings for share-based compensation(55)(43)
Repurchase of common stock(